A New York buyer's agent learns that their client's target property received petroleum spill remediation under New York's Voluntary Cleanup Program, and DEC issued a Certificate of Completion in 2019. The buyer is concerned about financing the purchase. How might this environmental history affect mortgage lending?
Correct Answer
A) Lenders may require current environmental assessments despite the Certificate of Completion
Even with a Certificate of Completion, many lenders require current environmental assessments to verify that remediation remains effective and no new contamination has occurred. Lenders want independent verification of current conditions to protect their collateral, regardless of past cleanup certifications.
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A New York homeowner planning to sell their house built in 1963 asks their listing agent whether they need to test for asbestos before listing the property. What should the agent advise?
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A listing agent in New York is preparing to market a 1960s office building. The seller mentions that asbestos-containing materials were identified in the building during a previous inspection but have not been disturbed. What is the agent's primary obligation regarding this information?